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Occasional Visitor
Oceanview L.
Posts: 1
Registered: ‎03-02-2012

How can I remove the name of a cosigner on the loan after two years of paying for the mortgage?

Bought a condo two years ago with my brother in law and now he's planning on buying a place and would like to take out his name on the loan. I've been paying the mortgage the whole time. Is there any other way than refinancing? Thanks!

Moderator
Matt Keebler
Posts: 182
Registered: ‎05-09-2011

Re: How can I remove the name of a cosigner on the loan after two years of paying for the mortgage?

Welcome to the ZipRealty community!  Thank you for posting in the forums.

 

I will contact one of the local agents to see if they are able to answer this question for you.

 

Matt Keebler

Client Care Specialist

ZipRealty, Inc

1.800.CALL.ZIP

team@ziprealty.com

ZipRealty Agent
Candy Havlock
Posts: 803
Registered: ‎03-30-2010

Re: How can I remove the name of a cosigner on the loan after two years of paying for the mortgage?

If his name is on the loan you will have to take out a loan in your name only and have him quick claim to you.  I would talk to a real estate attorney for advice on how to proceed.  You are basically buying his half of the condo.

Long Realty Agent
Helen Ortega
Posts: 11
Registered: ‎12-07-2010

Re: How can I remove the name of a cosigner on the loan after two years of paying for the mortgage?

I don't know which state you live in so I am not sure if you will need a lawyer to help complete your situation.  I would suggest contacting the mortgage company that you are paying the loan to and asking for a payoff to see what you owe so you can settle with your partnet.  Ask if the loan is assumable.  Assuming a loan is sometimes cheaper than getting a new loan.   Maybe you will qualify to assume his portion of the loan.   Ask the mortgage company if they would allow him to sell his portion and replace his name with another persons name?  Maybe, you can have a different partner on the loan?  Or, as already suggested, get a new loan to cover the full amount in your name only.  Going to a lender may also help with  refinancing a loan to a lower rate if that may help. Good luck with that.